Spending on Visa cards jumps at highest rate for over two years

Julian Harris
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SPENDING on Visa cards in the UK grew at its fastest annual rate since October 2010 last month, in a positive sign for British retailers.

The company will announce this morning that spending was 1.3 per cent higher in May than in the same month a year earlier.

The annualised spending figures have been increasing for three straight months, according to Visa, in a sign that 2013 could be a better year for the UK high street.

“Encouragingly, more shoppers were tempted to hit the high street in May where consumer spending grew 1.3 per cent, its fastest increase since September 2012,” Visa’s Jeremy Nicholds.

“Across all measures, this month’s figures suggest a tentative strengthening of consumer confidence as expenditure rose 0.5 per cent on the month,” Nicholds added.

Spending in the last three months was up by 0.7 per cent compared to the previous three months, the data said.

Meanwhile separate figures from the Local Data Company showed that shop vacancy rates have stopped expanding.

The town centre vacancy rate was 14.13 per cent in April, narrowly down from 14.14 per cent.